Depositing and Withdrawing at Your Sportsbook: FAQs
If you’re new to making deposits or receiving withdrawals at your online sportsbook, you’ll likely have a few questions along the way. Going through a sportsbook’s terms and conditions for information can make things seem even more complicated.
We’ve compiled a list of the most frequently asked questions about both the deposit and withdrawal process that bettors have asked us over the years, and answered them all in one concise, helpful guide.
1. How Do I Make a Deposit?
Head to the “cashier” section of your online sportsbook and follow the prompts. While 100% of sportsbooks we review and recommend allow for deposits via credit card, there will be other options available as well, including: cryptocurrency, checks, and bank wires.
If you’re weighing your options and want to know more about the deposit process, circle back to the main page of our deposit and withdrawals section. There, you’ll find detailed information on everything from how to deposit with classic banking methods to making a deposit with the progressive cryptocurrency Bitcoin.
2. How Long Will my Withdrawal Take?
This depends on the withdrawal method you choose. Instead of diving too deeply into this question here, head to our comprehensive guide on the quickest withdrawal methods. There, we detail which withdrawal methods are associated with short processing times and prompt payout times.
Bitcoin undoubtedly offers the fastest withdrawal time. From the time they’re requested to the time they’re received, bank wires, couriered checks, and money transfers average about 12 business days.
However, we will say that under no circumstances should the withdrawal process take over 60 days, starting from when you request your payout. If this happens, contact your sportsbooks customer service department immediately.
While it’s extremely rare, payout requests can occasionally get lost in the shuffle or sent to the wrong address. If this happens, don’t worry. In our experience, we’ve found that all legitimate and trustworthy sportsbooks (like the ones we review) correct their errors in a timely fashion.
3. What’s the Minimum Deposit Amount?
This depends on both your deposit method and the rules and regulations of your online sportsbook you use. We’ve written a detailed guide on both the minimum deposit and minimum bet amounts permitted at the various online sportsbooks we review and recommend.
Bitcoin generally has the smallest minimum deposit amounts, followed by credit card. The more popular the deposit method, the lower the permitted deposit amount should be.
4. Is Depositing Legal?
Yes, it is legal to deposit at your online sportsbook. However, the question of legality is much too complicated to be answered in a couple paragraphs. The most important fact to keep in mind is that, in the United States, no one has ever been prosecuted for using an online sportsbook.
If you want a definitive answer to the legality of online sports betting, check out our detailed dive on why betting and depositing at online sportsbooks is absolutely legal.
Curious as to some of the legal history of betting on sports in the United States? We wrote an entire three-part series on it, beginning with the American origins of sports betting.
5. Can I Deposit Anonymously?
Depositing anonymously is possible if you use Bitcoin. In fact, Bitcoin’s anonymity is one its the main advantages, leading many bettors around the world to use it at their preferred sportsbooks.
Our Bitcoin-specific guide explores the details of the cryptocurrency’s underlying technology in far greater detail. Suffice it to say, however, Bitcoin doesn’t transmit critical personal information (eg. name, address, social insurance number).
If you want to keep your identity hidden, get started at a sportsbook that welcomes Bitcoin. Otherwise, you can use a more traditional method, such as a bank wire, check, credit card, or eWallet.
6. Will I Get a Bonus for My Sportsbook Deposits?
Depending on the sportsbook you select, yes! The vast majority of sportsbooks offer bettors sign-up bonuses for their first deposits.
In our bonus specific guides, we explain the many different iterations of bonuses that sportsbooks offer, as well as point you to the best bonuses for first-time bettors.
7. Will I Have to Verify My Identity?
Yes, but usually only after you first request a withdrawal. The verification process can occasionally be challenging to sort through, which is why we wrote a guide on how to verify your identity at a sportsbook.
Sportsbooks need to verify your identity to remain compliant with both Know Your Customer and Anti Money Laundering regulations. As legitimate, regulated businesses, these companies strive to comply with financial rules and regulations at all costs.
8. Can I Trust My Sportsbook with my Financial Information?
Yes, you can. All the sportsbooks we review have a proven reputations of protecting their customers’ identities and prompt payouts. Regardless of whether you’re betting with an online sportsbook based in Europe, or one that houses its operation in the Caribbean archipelago, every sportsbook we review is bound by the legal rules and regulations of its licencing region.
If your sportsbook is licensed and legitimate, there’s no reason to worry about your personal financial information being stolen.
9. I Want to Withdraw My Winnings. Why Won’t My Sportsbook Let Me?
In your account, there may be a time lag between when your deposit is available to bet with and when you’re able to successfully make a withdrawal.
Sportsbooks want to get you betting as soon as possible, and once they receive confirmation of your deposit, they’ll release your funds for betting before their payment processor has completed the transaction.
For example: If you make a deposit via Visa, your sportsbook might credit your account within 2 days, but it’ll take 5 days for them to receive your payment from Visa.
If – during the interim period between days 2 and 5 – you make several bets and want to withdraw, your sportsbook may not let you. This is because sportsbooks will let you bet (but not withdraw) until they have officially processed your deposit and received the funds.
It’s important to note that this won’t be a problem if you use Bitcoin. Unlike a credit card or a bank, there’s no intermediary in Bitcoin transactions. Therefore, when you send Bitcoin to your sportsbook, they receive it directly. As such, once your Bitcoin deposit has been credited to your account, you can withdraw it at any time.
Have Any More Questions?
If you’ve got any more questions on anything related to depositing or withdrawing, check out the rest of our guide.
If you’re feeling confident about the financial aspects of your online sportsbook, it’s time to start betting. We’d recommend trying your hand at some easy to use sharp strategies.